Core Printed Hot. Oil Gave Back the Easy Band.
August CPI matched at +0.4% / 3.4%. Core +0.3% m/m / 2.4% y/y — hot on the month. CL through daily −1SD off the $102.48 settle. Equities reclaimed overnight. FOMC is next week.
Friday, September 11, 2026
August CPI is already out. Headline matched the street at +0.4% m/m and +3.4% y/y. Core printed +0.3% m/m and +2.4% y/y — hot on the month versus the softer monthly read markets had been leaning on. House daily expected-move for CL, anchored to Thursday’s settle at 102.48, is already through −1SD into the Hawaii window. Equities reclaimed overnight. FOMC is still next week.
Morning Pulse is the day clock, not a forecast. This note is honest about the clock: at publish time CPI has already printed. Thursday’s oil stretch is no longer the fresh chase card. Crude sold hard off the $102.48 settle. Indexes bounced with the cooler oil tape and then had to digest a core print that did not clear the hike debate. The job into the rest of cash is to mark what the overnight and the 8:30 already spent — then size only what is left against the leftover band. Do not invent a second oil fade or a second equity chase after the easy side of the daily field is used.
This note does not rewrite Week Ahead, September 7–11. Thursday’s Pulse kept CPI on Friday. That vote landed.
Confirmed clocks
All times Eastern. Cash open is 3:30 a.m. Hawaii.
| Time (ET) | What is confirmed | Status / desk use |
|---|---|---|
| Thu Sep 10, 8:30 a.m. | BLS PPI, August 2026 — final demand +0.4% m/m, +5.4% y/y; core +0.3% m/m, +4.7% y/y. | Already printed. Pipeline. Not CPI. |
| Thu Sep 10 settle | WTI $102.48 (+6.69%); Brent through $100 on the week. | Oil settle that resets today’s daily EM anchor. |
| Fri Sep 11, 8:30 a.m. | BLS CPI and Real Earnings, August 2026 — headline +0.4% m/m, +3.4% y/y; core
Related Articles
Oil Already Spent the Band. PPI Printed Hot on the Year.
Crude already spent daily +1SD overnight on Middle East supply risk. NQ through daily −1SD. August PPI printed +0.4% m/m and +5.4% y/y — matched the month, a touch hot on the year. CPI is still Friday.
The 10-Year Is Today’s Coupon. CPI Is Still Friday.
Wednesday keeps Tuesday’s reopen frame and adds the 10-year reopening. ECEC and QSS at 10:00. The 17-week closes at 11:30. The coupon closes at 1:00. Do not spend Friday’s CPI on a Wednesday stop.
Cash Reopens Into Supply. The Holiday Tape Is Not Accept.
Cash returns Tuesday into the 3-year and a stacked bill slate. Thursday’s 29,201.26 accept and Friday’s PDC / CDO are locations — the holiday book did not accept them. Missed levels stay missed.